Farmers Insurance expands home coverage, saying market has improved

Farmers Insurance plans to increase the number of homeowners insurance policies it will write and begin offering coverage again for new customers in other types of dwellings, citing improvements in California’s home insurance market.

The Los Angeles-based company, the state’s second-largest home insurer, said it will boost the number of homeowners policies it will accept from new customers to 9,500 per month, up from 7,000. It also will resume writing new policies for condominiums, renters, landlords and other lines. It said many of those policies had been temporarily paused for more than a year.

“Farmers Insurance has decided to take these steps to increase coverage availability for California consumers because we recognize that the state’s insurance marketplace has indeed improved,” said Behram Dinshaw, president of personal lines for Farmers Insurance, in a statement Wednesday.

The decision runs counter to some other large insurers who have pulled back from the market amid widening wildfire losses, including State Farm General, the state’s largest home insurer.

https://www.latimes.com/business/story/2024-12-12/farmers-insurance-expands-home-coverage-saying-market-has-improved

This is a curious development.